| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 76th | Best |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 355 Milano Ln, Melbourne, FL, 32940, US |
| Region / Metro | Melbourne |
| Year of Construction | 2000 |
| Units | 34 |
| Transaction Date | 1999-07-14 |
| Transaction Price | $1,218,000 |
| Buyer | VIA TUSCANY APT ASSOC LTD |
| Seller | STACK CHARLES R |
355 Milano Ln Melbourne Multifamily Investment Opportunity
Positioned in a top-ranked Melbourne neighborhood, the asset benefits from strong incomes and a high-cost ownership market that support rental demand, according to WDSuite’s CRE market data. Expect stable leasing dynamics with measured pricing power rather than outsized volatility.
The property sits within an A+ rated, suburban neighborhood ranked 1st among 139 neighborhoods in the Palm Bay–Melbourne–Titusville metro, indicating differentiated livability and demand drivers for renters. Amenity access is competitive nationally, with dining, cafes, parks, and daily-needs services testing in the upper percentiles, which helps sustain renter retention and reduces turnover risk.
Rents in the neighborhood track near the upper-mid range locally while the rent-to-income profile remains manageable, reinforcing leasing durability. Neighborhood occupancy is competitive among Palm Bay–Melbourne–Titusville neighborhoods, suggesting balanced supply–demand conditions without pronounced vacancy pressure. Elevated home values for the area point to a high-cost ownership market, which tends to sustain reliance on multifamily housing and supports pricing discipline over time.
Within a 3-mile radius, demographics show population growth alongside a faster increase in households and a gradual reduction in household size. This combination typically expands the renter pool and supports occupancy stability for well-located assets. Income levels are comparatively strong, which can underpin absorption for quality units and reduce concessions risk during softer leasing periods.
Renter-occupied housing concentration is lower than many urban cores, implying a thinner but higher-income tenant base. For investors, that dynamic favors thoughtfully positioned product and targeted leasing strategies over broad-based discounting, and it can translate into steadier lease performance when combined with neighborhood convenience and service density grounded in WDSuite-enabled multifamily property research.
Safety indicators for the neighborhood trend favorable in national comparisons, with overall conditions testing above the U.S. average and property-related measures in the top quartile nationally. This backdrop typically supports tenant retention and broadened demand from households prioritizing stability.
Recent trends are mixed: property incidents have eased, while violent incident metrics have shown an uptick. At the neighborhood scale, these movements warrant monitoring but do not negate the area’s comparatively strong standing versus many neighborhoods nationwide. Investors should underwrite with prudent security provisions and standard operating procedures rather than assume further improvement or deterioration.
Nearby employers provide a diversified white-collar and logistics employment base that supports renter demand through commute convenience. Notable anchors include Space Coast Aflac Region, L3Harris corporate operations, and a CVS distribution facility.
- Space Coast Aflac Region — insurance offices (7.5 miles)
- Harris — defense & aerospace (10.5 miles) — HQ
- CVS Distribution Center — distribution & logistics (41.8 miles)
This 34-unit asset benefits from a top-ranked neighborhood with strong household incomes, a high-cost ownership landscape, and amenity depth that supports retention. Occupancy at the neighborhood level is competitive within the metro, and rent-to-income metrics suggest manageable affordability pressure—factors that can underpin steady leasing and moderate pricing power through cycles.
Population growth and a faster rise in households within a 3-mile radius point to a larger tenant base over the next several years, while higher home values reinforce sustained reliance on rental housing. According to CRE market data from WDSuite, the area’s national standing on safety and amenities compares favorably, though investors should note the lower renter concentration and mixed safety trend signals when planning lease-up pace and reserves.
- Top-ranked neighborhood among 139 metro areas supports durable renter demand and retention
- Competitive neighborhood occupancy with manageable rent-to-income profile aids leasing stability
- 3-mile population and household growth expand the tenant base, supporting absorption
- High-cost ownership market reinforces reliance on multifamily, enabling disciplined pricing
- Risks: lower renter concentration and mixed safety trends may slow lease-up, requiring targeted marketing and prudent reserves